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HKICPA and FRC sign a Statement of Protocol on arrangement for the oversight of PIE auditors

27 September 2019

(HONG KONG, 27 September 2019) Earlier today saw the Hong Kong Institute of Certified Public Accountants (HKICPA) and the Financial Reporting Council (FRC) sign a Statement of Protocol on oversight arrangements.  

 

Guests attending the signing ceremony included Ms. Winnie Ng, JP, Deputy Secretary for Financial Services and the Treasury (Financial Services), Mr. Patrick Law, President of HKICPA and Dr. Kelvin Wong, Chairman of FRC.

 

Mr. Law said the HKICPA initiated discussions on developing a suitable regulatory model for the auditors of Hong Kong public interest entities (PIEs) many years ago. In 2006, the government, at the suggestion of the HKICPA, established the Financial Reporting Council to take up investigation of listed company audits. 

 

“Being an early advocate for an independent regulator of listed company auditors in Hong Kong, the HKICPA has worked very closely with the government and the FRC to ensure the model proposed is in line with international benchmarks and will be effective and fair,” said Mr. Law. “We are committed to working with the FRC to ensure the new regime is effective and reinforces the reputation of Hong Kong as an international capital market.”

 

Under the new regime for regulation of PIE auditors that will come into effect on 1 October 2019, the FRC will regulate auditors of listed entities through a registration and recognition mechanism, as well as through inspection, investigation and disciplinary sanctions. The HKICPA, on the other hand, will deal with applications for registration of PIE auditors; establish and maintain the register of PIE auditors. The HKICPA will also continue to carry out its responsibilities in setting continuing professional development requirements, and auditing and ethical standards for PIE auditors. In respect of these specific functions, the HKICPA’s performance will be overseen by the FRC. 

 

The HKICPA and the FRC have entered into this Statement of Protocol to clearly set out the new oversight arrangements. The Statement of Protocol can be found on the HKICPA website at https://www.hkicpa.org.hk/en/News/Communications/FRC-developments.

 

香港會計師公會與財務匯報局就監督公眾實體核數師簽署《監督安排協議聲明》 

 

(香港,二零一九年九月二十七日)香港會計師公會與財務匯報局(「財匯局」)今天就監督公眾利益實體(「公眾實體」)核數師的安排簽署《監督安排協議聲明》。

 

出席簽署儀式的嘉賓包括財經事務及庫務局副秘書長(財經事務)吳靜靜女士、香港會計師公會會長羅富源先生及財匯局主席黃天祐博士。

 

羅先生表示,公會多年前已倡議就香港設立合適的公眾實體核數師監管制度展開討論。於二零零六年,政府接納公會建議,成立了財匯局,接掌調查上市公司的審核工作。

 

羅先生指出:「作為在香港設立上市公司核數師的獨立監管機構的倡導者,公會一直與政府及財匯局緊密合作,確保建議的制度符合國際標準,而且能公平及有效地運作。我們致力與財匯局密切合作,確保新制度行之有效,鞏固香港作為國際資本市場的聲譽。」

 

監督公眾實體核數師的新制度將於二零一九年十月一日生效。根據新制度,財匯局將透過註冊及認可機制,及檢查、調查及紀律制裁的方式監督上市實體核數師。另一方面,公會將負責處理公眾實體核數師的註冊申請、設立及備存公眾實體核數師名冊。公會亦將繼續履行其責任,為公眾實體核數師制訂持續專業進修要求、以及審計和專業道德的準則,而財匯局將監察公會執行上述職能。

 

公會與財匯局簽署的《監督安排協議聲明》詳列新監督安排,聲明的內容詳情可瀏覽公會的網站
https://www.hkicpa.org.hk/en/News/Communications/FRC-developments

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